‘Consistent with good practices’: IMF defends India's revised GDP calculation

The International Monetary Fund (IMF) has welcomed India's revised method of calculating gross domestic product (GDP), saying it is in line with good statistical practices and advice provided by the global lender.Krishna Srinivasan, director of the IMF's Asia and Pacific Department, described the revision as a "welcome development", noting that the updated methodology was consistent with recommendations from the IMF's statistics department."These revisions to the methodology are entirely consistent with what the advice we've been giving them, including from our statistics department," Srinivasan said on Thursday.He also pointed out that India had published a note explaining the changes to its GDP calculation process.